In Re Virgin Active Holdings Ltd [2021] EWHC 1246 (Ch), Snowden J (as he then was) indicated that a class of creditors which would be “out of the money” in the relevant alternative (and thus has no genuine economic interest in the company) has no right to complain about the distribution of the “restructuring surplus”. That approach has been followed in a number of subsequent cases ( Re E D & F Man Holdings Limited[2022] EWHC 687 (Ch); Re Smile Telecoms Holdings Ltd [2022] EWHC 740 (Ch); Re Houst Ltd [2022] EWHC 1941 (Ch); Re Good Box Co Labs Limited [2023] EWHC 274 (Ch); Re Listrac Midco Limited [2023] EWHC 460 (Ch)). However, Leech J concluded that Snowden J had not intended to lay down a rigid rule and there may be circumstances in which creditors without a genuine economic interest in the company may nevertheless have a legitimate interest in opposing the plan (see [97]-[100]) (although he did not consider the plan to be unfair to such creditors in the present case: see [120]-[121]). The proposed monitor needs to confirm that, in their view, it is likely that a moratorium for the company would result in the rescue of the company as a going concern. This opinion is qualified in the COVID Period by the words “or would do so if it were not for any worsening of the financial position of the company for reasons relating to coronavirus”. On the other hand, restructuring proceedings are available to companies that, according to the court or its creditors, have a chance of “continuing as a going concern.” That is to say, once the company can amend the terms of their existing debt and other financial liabilities, it can continue to trade. This allows creditors to exercise their rights against the company. Nevertheless, restructuring proceedings can still result in the court or its shareholders winding up the company. Part 26A Plans

Section 38 of the Act provides for a temporary extension to the period which a public company has to file accounts and reports with the registrar at Companies House. It applies where the filing period ends after March 25, 2020, and before the “relevant day”. That is defined as the earlier of September 30, 2020 and the last day of the period of 12 months immediately following the end of the relevant accounting reference period. As an example, if a public company’s accounting reference period ended on December 1, 2019 then under Section 442 Companies Act 2006, the directors of the company must deliver to the registrar the company’s accounts and reports on or by June 1, 2020. This deadline of June 1, 2020 falls within the time period referred to above (i.e. between March 25, 2020 and the relevant day), so the company has until September 30, 2020 to file its accounts. Temporary extension of period for filing information at Companies House When the court considers an application by a liquidator against a director under Section 214 IA 1986, when making an assessment of the director’s liability to contribute to the losses of the company in the period of wrongful trading, it should “assume that the person is not responsible for any worsening of the financial position of the company or its creditors that occurs during the relevant period”. Once the request successfully proceeds and validate, it will be sent to E-filing for further processing and the status will update to ‘Sent to E-filing’

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The . csv file will be in following format. Enter the details and save the file in the same format.

Select Financial Year> Select the particular transaction of Traces and choose Assign CA and enter the membership number of the CA who is certifying Annexure A of form 26A.The monitor’s remuneration can be challenged by a subsequent administrator or liquidator. The role of the directors during the moratorium If the number of PAN for Short and/or Non-Deduction/Collection is more than 20 then you are required to upload the file in the format suggested by TRACES After processing, the Status of the form can be processed, rejected, processed with partial rejection, or processed with rejection. In December 2022, in response to the Smith Claims, the Company proposed a restructuring plan under Part 26A CA (“ the Plan”) under which: A question arose whether Condition B of Part 26A of the Act could be satisfied as there was no plan for the Companies to carry on as a going concern.

Follow the steps as mentioned in Step 14 to Step 17 for uploading the file with all the unique PAN records. View Modified Status of default: Once request has been processed, short deduction will be re-calculated and Late Deduction Interest will be generated accordingly, which can be viewed by Deductor Irrespective of the suspension of wrongful trading, directors continue to have potential liability during the COVID Period and beyond under other legislation and common law (with many such claims overlapping with those under the wrongful trading regime) such as:

Conclusion

YouTube sets this cookie to measure bandwidth, determining whether the user gets the new or old player interface. Section 39 of the Act concerns the filing of certain documents with the registrar at Companies House. The Act provides the Secretary of State with the power to make regulations to extend the time period which a company or other entity has to provide the registrar with these filings (and these regulations have now been made). Maximum time periods which may be substituted for the existing periods for those filings are specified and Section 40 lists the provisions in the Companies Act 2006 and other legislation that relate to the particular filings and allows for certain deadlines to be extended. These deadlines include the periods for filing accounts and confirmation statements. They also include the time allowed to notify the registrar of certain relevant events that are covered by the confirmation statement, such as notifying the registrar of a change in director. In addition, the deadline for registering a charge with Companies House has been extended. Section 39 expired at the end of the day on April 5, 2021. Allow Deductor to view Form 26A including Annexure A to Form 26A so submitted by authorized Accountant(s) and submit this Form 26A by digitally signing it.